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HomeMy WebLinkAbout96880200768 Return to: RECEIVED 12/31/2012 at 4:25 PM Trona Valley Community Federal Credit Union RECEIVING 968802 BOOK: 801 PAGE: 768 r' JEANNE WAGNER w (0 Property Tax ID: LINCOLN COUNTY CLERK, KEMMERER, WY cn SUBORDINATION AGREEMENT co 4: x c i= m THIS INDENTURE, made this 13th day of December 2012 a between TRONA VALLEY COMMUNITY FEDERAL CREDIT UNION, hereinafter called party of the First Part, and ALLY BANK its successors and /or assigns, as their -1 interest may appear, hereinafter called Party of the Second Part, WITNESSETH, that whereas the Party of the First Part is the owner and holder of a certain Mortgage taken out by Gregory Nate, in the original principal indebtedness of $18,000 which Mortgage was recorded on August 23,2010, in Book 752PR, Page 500; encumbering the land situated in the County of Uinta, Wyoming, described as follows: Legal Description The Land referred to in this Commitment is described as follows: Tract I: That part of Tract No. 76, secondarily within Lot 7 of Section 9, Resurvey Township 24 North, Range 119 West, Lincoln County, Wyoming, described as follows: BEGINNING at a point South 54 °14'50" East, 1131.64 feet, of Corner No. 6 of said Tract No. 76; Thence South 37 °59'05 East, 359.74 feet, to a point; Thence South 02 °00'14" East, 152.31 feet, to a point; Thence South 86 °54'31 "West, 49.64 feet, to a position on the Northeasterly bank of the Covey Canal; thence coursing said Northeasterly bank as follows: Continuing South 86 °54'31" West, 137.62 feet, to a position; North 38 °35'39" West, 78.46 feet, to a position; North 06 °57'03 West, 191.55 feet, to a position; North 03 °37'41" East, 196.05 feet, to a position, and leave said bank; Thence South 86 °22'19" East, 20.01 feet, to the POINT OF BEGINNING. TRACT II: A strip of land, Sixty (60) feet in width, across Tract No. 76, secondarily within Lot 7 of Section 9, Township 24 North, Range 119 West, Lincoln County, Wyoming, with the Northerly, Westerly and Southwesterly right -ofway line described as follows: BEGINNING at a position on the North line of said Tract No. 76, North 90 °00'00" East 782.15 feet of Corner No. 6 of said Tract No. 76; Thence South 90 °00'00" West, 391.622 feet, along said North line to a point; Thence South 00 °13'05" East, 60.73 feet, to a point; Thence South 41 °19'47" East, 799.66 feet, to the North point of the Greg Nate Tract; 007 Thence South 37 °59'05" East, 359.74 feet, along the Northeast line of said tract to a point; The BASE BEARING for this description is the North line of said Tract No. 76 being North 90 °00'00" East; Each "corner" marked as described in a Corner Record on file in the Office of the Clerk of Lincoln County; Each "position" being a calculated position with no monument found or set; All in accordance with a map prepared to be filed in said Office and titled: "MAP OF SURVEY FOR GREG NATE OF TRACT WITHIN TRACT NO. 76 AND SECONDARILY IN LOT 7 SECTION 9, TOWNSHIP 24 NORTH, RANGE 119 WEST, LINCOLN COUNTY, WYOMING and dated 7 September, 2006, as revised. COMMONLY KNOWN AS: 356 County Road 206, Cokeville, WY 83114 AND WHEREAS, Gregory Nate, have made application to the Party of the Second Part for a loan to ALLY BANK., its successors and /or assigns, as their interest may appear, in an amount not to exceed $307,500, to be secured by a First Mortgage encumbering the above described premises, and Party of the Second Part has required as a condition precedent to making of said loan that the Party of the First Part subordinate its Mortgage and the lien thereof and all of its rights there under to the Mortgage to be placed upon said premises as aforesaid, and Party of the First Part is agreeable to such subordination up to the amount of $307,500; NOW THEREFORE, as inducement for making the aforesaid loan by the Party of the Second Part to the aforesaid Gregory Nate, the Party of the First Part does hereby subordinate the aforesaid Mortgage by it and the lien thereof and all of its rights and there under to the Mortgage recorded in Official Records of Uinta County, at the Book and Page number to be provided to the Party of the First Part by the Party of the Second Part upon recordation. Failure by the Party of the Second Part to provide the Book and Page Number, or Document Number of the Recorded Mortgage within 10 days of recordation shall invalidate this Agreement. The Party of the First Part also does hereby covenant with the Party of the Second Part that it has not transferred or assigned the aforesaid Mortgage held by it, nor the Promissory Note it secures, nor any interest held by it in either of said instruments, and it executed this Subordination Agreement as sole owner of the entire interest held by it in said Note and Mortgage and declare any right or claim held by it to be subject and inferior to the Mortgage held by the Party of the Second Part and to all rights of the Party of the Second Part thereunder, so long as the Mortgage held by the Party of the Second Part and the rights held by the Party of the Second Part thereunder do not exceed $307,500. IN WITNESS WHEREOF, THE PARTY OF THE FIRST PART HAS HEREUNTO SET ITS HAND AND SEAL ON THE DAY AND YEAR FIRST WRITTEN. TRONA VALLEY COMMUNITY FEDERL CREDIT UNTO) By: I ts BEFORE ME, the undersigned authority, personally appeared c‘._Y its L1 a 01/".,? of TRONA VALLEY COMMUNITY FEDERAL CREDIT UNION, who A known to 4the or has shown as identification, who after being by me first duly sworn, deposes and says that he/she has the full binding authority so execute. this Subordination Agreement and he/she subscribed histher name thereto in certification thereof; NO' ARY PUBLIC My Commission Expires A- fS 00771. 'a, No tide search was performed on the subject property by the preparer. The preparer of this Agreement makes neither representation. as to the status of the title nor property use or any zoning regulations concerning property described herein nor any tri:atter except the validity of the form of this instrument. Information herein was provided to preparer the Party of the .Second Part and for its agents; no boundary survey was made at the time .of this Agreement.